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CAalley Newsletter dated March 1, 2023

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Latest additions to CAalley:

News Update:

Indian News

Budget News

International News

Legal Updates:

Income Tax

Service Tax

GST

IRDAI

Customs

DGFT


  

News Update:

Indian News:

RBI showcauses ARCs after audit following Income Tax raids

Irdai asks insurers to design covers for mental illness, HIV

Aadhaar authentication to become more secure with new system; know details

Startups collective eye legal action to challenge Google

No input tax credit for liquor sales: GST-AAR

E-filing of CESTAT appeals begins on trial basis

Auditors of large firms to keep records in Entity DigiLocker

Sebi mulls uniform expense ratio for mutual funds to curb mis-selling

Indian banks well placed to transit to Expected Credit Loss regime: S&P

Indian banks unprepared for RBI's ESG push, survey shows: Report

Cars on highways to be offered insurance cover using Fastag soon: Report

  

Budget News:

To impose (or not to impose) anti-dumping duty: Budget’s retrospective amendment may impact domestic industry

  

International News:

ESG Reporting Now Common at Large Companies, But Report Quality Varies

PCAOB Enforcement Activity Up Sharply in 2022

Opportunity knocks for firms as ESG reporting, assurance levels rise


Legal Updates:

Income Tax:

IBBI notified for the purposes of section 10(46) of the Income-tax Act, 1961 [No.9]

  

Service Tax:

Leviability of Service Tax on the declared service “Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act" under clause (e) of section 66E of the Finance Act, 1994 [Circular No.214]

  

GST:

Compensation Cess (Rate) Notification:

Seeks to amend notification no. 1/2017- Compensation Cess (Rate), dated 28.06.2017 [No.1]

Central Tax (Rate) Notifications:

Seeks to amend notification no. 2/2017-Central Tax (Rate), dated 28.06.2017 [No.4]

Seeks to amend notification no. 1/2017-Central Tax (Rate), dated 28.06.2017 [No.3]

Seeks to amend notification No. 13/2017- Central Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.2]

Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.1]

Integrated Tax (Rate) Notifications:

Seeks to amend notification no. 2/2017-Integrated Tax (Rate), dated 28.06.2017 [No.4]

Seeks to amend notification no. 1/2017-Integrated Tax (Rate), dated 28.06.2017 [No.3]

Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.2]

Seeks to amend notification No. 9/2017- Integrated Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.1]

Union Territory Tax (Rate) Notifications:

Seeks to amend notification no. 2/2017-Union Territory Tax (Rate), dated 28.06.2017 [No.4]

Seeks to amend notification no. 1/2017-Union Territory Tax (Rate), dated 28.06.2017 [No.3]

Seeks to amend notification No. 13/2017- Union Territory Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.2]

Seeks to amend notification No. 12/2017- Union Territory Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.1]

  

IRDAI:

Modification of the terminology “sub-standard lives” mentioned in IRDAI (Health Insurance ) Regulations, 2016

Product for Persons with Disabilities (PWD), Persons afflicted with HIV/AIDS, and those with Mental Illness

  

Customs:

Authorization of Booking Post Offices and their corresponding Foreign Post Offices in terms of the Postal Export (Electronic Declaration and Processing) Regulations, 2022 [Circular No.6]

Seeks to amend notification no. 104/94-Customs, dated 16.03.1994 [No.14]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.11(NT)]

Completion of Data Entry in DIGIT [Instruction No. 7]

  

DGFT:

Discontinuation of Tariff Rate Quota for Import of Crude Sunflower Seed Oil w.e.f. 01.04.2023 [Public Notice No.60]

Amendments in Para 4.42 of the Handbook of Procedures 2015-2020 [Public Notice No.59]

  


  

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